Record Land Sale
Hi and welcome to the weekend!
Yesterday, a record $135 million was paid for 502 acres in the Desert Ridge development in NE Phoenix. Sales like this are pretty good indicators that the big players in the market don't anticipate problems in the housing market over the next few years. Land like this typically takes 1-3 years to start development.
Pulte Homes and Toll Bros. teamed up for the purchase, which at that $135M figure was the highest amount ever paid for a land purchase from the State Land Trust. Despite the fact that this equates to almost $270,000 per acre, it is not the most expensive price per acre. The most expensive per acre price was paid last year also in Desert Ridge for 41 acres by Gray Development at $780,000 per acre. They planned to build multi-family housing on that parcel. The previous high dollar amount was also at Desert Ridge last year, when Pulte purchased 276 acres for $100.5 million. The Desert Ridge area is popular due to it's proximity to the Loop 101 and SR-51 freeways, great shopping, and JW Marriott Resort, the largest hotel in AZ. If you would like more information on the area, please contact us through the info page at info@weareazrealestate.com. For more on the land purchase check out http://www.azcentral.com/news/articles/0818landsale18-ON1.html
Have a great weekend.
Adam Tarr and Sharon Kotula
Your Phoenix area Real Estate Source